SEC Approves Valkyrie’s Bitcoin Futures ETF

The US Securities and Exchange Commission has given the green light to Valkyrie’s futures exchange-traded fund (EFT) application. This represents another ETF approved by the SEC, which has previously accepted futures ETFs, but no sign of spot ETFs yet.

According to the SEC document released Thursday, the filing was filed under the Securities Exchange Act of 1934 using a 19b-4 form, the same law on which the prospects of Bitcoin (BTC) ETFs rely — albeit with so far. little success. Last month, the watchdog gave the thumbs up to Teucrium’s Bitcoin futures ETF, the first vehicle approved under the ’33 Act.

SEC just approved a 2nd #Bitcoin Futures ETF filed under the “33 act”.

All spot ETF filings are filed under this law… maybe some light at the end of the tunnel.

— Bitcoin Archive (@BTC_Archive) May 6, 2022

First submitted by Valkyrie in August 2021, the Valkyrie XBTO Bitcoin Futures Fund tracks BTC futures contracts. The agency also gave the green light to Bitcoin futures ETFs from ProShares and VanEck, but has so far declined all applications to create a Bitcoin ETF. Several countries have Bitcoin ETFs, including Canada, Europe, and Latin America.

There has been a slew of applications for ETFs over the past year, with several companies withdrawing their applications, such as Bitwise, which instead shifted its focus to a spot fund. The funds have performed well so far, although many people are hoping for more success in the future with the introduction of a spot ETF. A recent Nasdaq poll found that a locally traded Bitcoin fund could lead to more financial advisors adopting cryptocurrencies.

Related: Simplify Files with SEC for Bitcoin Strategy Risk-Managed Income ETF

According to Eric Balchunas and James Seyffart, analysts at Bloomberg in March, the SEC could accept a spot Bitcoin ETF as early as mid-2023 based on a proposed change to change the definition of “exchange” within the regulator’s rules. However, according to a previously cited study by Nasdaq Inc, only 38% of financial advisors thought it was likely that the SEC would eventually approve a spot cryptocurrency ETF, and 31% disagreed.